Cybersecurity startup Expel has bagged $40m in Series C funding round led by Index Ventures.
Index was joined in the round by Battery Ventures, Greycroft, NEA, Paladin Capital Group and Scale Venture Partners.
This latest funding round has driven the company’s total amount raised to $67.5m.
The proceed of the round will be used to finance the expansion of the company’s cloud monitoring capabilities, accelerate its product development and fund new sales and marketing programs, Expel said in a statement.
In April last year, Expel closed its Series B round on $20m, which was led by Scale Ventures.
The Virginia-based company provides cloud-based managed security services for companies, which can be integrated into a number of software products such Google Suite, Microsoft Azure and Okta.
Expel’s platform replaces alerts with answers using a new approach called transparent managed security. Its analysts use customers’ existing security products to monitor their environment 24×7 and investigate suspicious activity.
When Expel spots an attack, it provides the customer gets answers that explain exactly what to do, including how to fix the root cause of problems that happen over and over again.
“There are some fundamental beliefs we have here at Expel, and one of those is that people are really good at two things: using judgment and building relationships,” said Dave Merkel, CEO and co-founder of Expel.
“Having a security operations center full of people chasing loads of alerts isn’t the way to ‘do security’ in the 21st century. Expel’s technology-first approach allows CISOs and their teams to stop playing a game of alert whack-a-mole and focus on managing the risks unique to their business.”
Earlier this week, predictive email defence startup Vade Secure secured €70m in a financing agreement with General Catalyst, while advanced threat protection platform IronScales secured $15m for its Series B round.
Copyright © 2019 RegTech Analyst
Copyright © 2018 RegTech Analyst
